Social housing contractor reports 30% growth in sales and a 16% rise in profit
Social housing contractor Forrest has reported continued turnover and profit growth in its full year trading update.
The business, which provides support services to registered providers in the social housing sector across the North of England and North Wales, said growth from new and existing framework agreements, in addition to new service lines, had contributed to 30% growth in sales to £67m in the year ending 31 August 2011.
Profit also rose, by 16% to £7m, despite a significant investment in the launch of a new environmental services division, new IT infrastructure for its operational teams to improve service delivery and efficiency, and a new regional service centre in Bolton.
Forrest, which is backed by private equity firm LDC, added that its forward order book for the remainder of its new financial year was the strongest in its history, with more than 90% of its forecasted income confirmed.
Lee McCarren, Forrest chief executive, said: “Our three point focus on broadening the scope of our existing long-term framework agreements through complementary new service lines, expanding our geographical footprint across the North and on establishing new client partnerships has helped us to achieve a tenth consecutive year of outstanding growth.
“We’ve maintained significant investment into our capability, capacity and people against a difficult economic backdrop, this investment has prepared us to help meet the emerging needs of our clients alongside the delivery of essential services, helping us to continue on a solid path for future growth.”